Sky Group Limited is a British
media
Media may refer to:
Communication
* Means of communication, tools and channels used to deliver information or data
** Advertising media, various media, content, buying and placement for advertising
** Interactive media, media that is inter ...
and
telecommunications
Telecommunication, often used in its plural form or abbreviated as telecom, is the transmission of information over a distance using electronic means, typically through cables, radio waves, or other communication technologies. These means of ...
conglomerate owned by
Comcast
Comcast Corporation, formerly known as Comcast Holdings,Before the AT&T Broadband, AT&T merger in 2001, the parent company was Comcast Holdings Corporation. Comcast Holdings Corporation now refers to a subsidiary of Comcast Corporation, not th ...
and headquartered in London. It has operations in the United Kingdom, Ireland, Germany, Austria, Switzerland and Italy. Sky is Europe's largest media company and
pay-TV broadcaster by revenue (), with 23 million subscribers and more than 31,000 employees as of 2019.
The company is primarily involved in
satellite television
Satellite television is a service that delivers television programming to viewers by relaying it from a communications satellite orbiting the Earth directly to the viewer's location.ITU Radio Regulations, Section IV. Radio Stations and Systems ...
, producing and broadcasting. The current
CEO is
Dana Strong.
Formed in 1990 by the equal merger of
Sky Television and
British Satellite Broadcasting
British Satellite Broadcasting plc (BSB) was a television company, based in London, that provided satellite television, direct broadcast satellite television services to the United Kingdom. It started broadcasting on 25 March 1990. The company ...
,
BSkyB became the UK's largest pay television company. In 2014, after completing the acquisition of
Sky Italia and
Sky Deutschland
Sky Deutschland GmbH, branded as Sky, is a German media company that operates a direct broadcast satellite Pay TV platform in Germany, Austria and Switzerland (through Sky Switzerland). It provides a collection of basic and premium digital su ...
, the merged company changed its name to Sky plc.
Since its founding,
Rupert Murdoch
Keith Rupert Murdoch ( ; born 11 March 1931) is an Australian - American retired business magnate, investor, and media mogul. Through his company News Corp, he is the owner of hundreds of List of assets owned by News Corp, local, national, a ...
's
News Corporation
The original incarnation of News Corporation (abbreviated News Corp. and also variously known as News Corporation Limited) was an American Multinational corporation, multinational mass media corporation founded and controlled by media mogul Ru ...
held 39.14% of Sky Group, and in June 2010, they
attempted to buy out the rest of Sky, but the bid was withdrawn in July 2011 following the
News International phone hacking scandal that also led to News Corporation splitting into
News Corp
The second and current incarnation of News Corporation, doing business as News Corp, is an American mass media and publishing company headquartered at 1211 Avenue of the Americas in Midtown Manhattan, New York City. The company was formed on ...
and
21st Century Fox
Twenty-First Century Fox, Inc., which did business as 21st Century Fox, was an American multinational mass media and entertainment conglomerate based in Midtown Manhattan, New York City. It was formed on June 28, 2013, as the legal successor ...
, the latter of which continued to hold News' stake in Sky. In December 2016, 21st Century Fox made a bid to acquire the remaining shares of Sky, pending government approval. After
The Walt Disney Company
The Walt Disney Company, commonly referred to as simply Disney, is an American multinational mass media and entertainment conglomerate headquartered at the Walt Disney Studios complex in Burbank, California. Disney was founded on October 16 ...
announced that
they were to acquire Fox, Comcast initially
engaged in a bidding war, but dropped out to acquire Sky instead,
outbidding Fox with an offer for £17.28 per share; Fox sold their stake in October 2018, followed by the remaining shareholders a month later. Following this, Comcast's film studios and US television businesses and other media assets are held by
NBCUniversal
NBCUniversal Media, LLC (abbreviated as NBCU and Trade name, doing business as NBCUniversal or Comcast NBCUniversal since 2013) is an American Multinational corporation, multinational mass media and Show business, entertainment conglomerate (comp ...
, which is also under its control and was formed when
Vivendi sold 80% of Universal Pictures to the now-defunct
General Electric
General Electric Company (GE) was an American Multinational corporation, multinational Conglomerate (company), conglomerate founded in 1892, incorporated in the New York (state), state of New York and headquartered in Boston.
Over the year ...
, NBC's then-owner.
Before the acquisition by Comcast, Sky was listed on the
London Stock Exchange
The London Stock Exchange (LSE) is a stock exchange based in London, England. the total market value of all companies trading on the LSE stood at US$3.42 trillion. Its current premises are situated in Paternoster Square close to St Paul's Cath ...
and was a constituent of the
FTSE 100 Index
The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, FTSE, or, informally, the "Footsie" , is the United Kingdom's best-known stock market index of the 100 most highly capitalised blue chips listed on ...
. It had a
market capitalisation of approximately £18.75 billion (€26.76 billion) in 2018.
History
BSkyB
Formation
British Sky Broadcasting (BSkyB) was formed by the merger of
Sky Television and
British Satellite Broadcasting
British Satellite Broadcasting plc (BSB) was a television company, based in London, that provided satellite television, direct broadcast satellite television services to the United Kingdom. It started broadcasting on 25 March 1990. The company ...
on 2 November 1990. Both companies had begun to struggle financially and were suffering financial losses as they competed against each other for viewers. ''The Guardian'' later characterised the merger as "effectively a takeover by News Corporation".
[ ''Sky TV's launch: 'a wing and a prayer' '', media editor Maggie Brown, ''Guardian'' ''Organgrinder'' blog, 5 February 2009](_blank)
Retrieved 24 December 2012.
The merger was investigated by the Office of Fair Trading and was cleared a month later since many of the represented views were more concerned about contractual arrangements which had nothing to do with competition. The
Independent Broadcasting Authority was not consulted about the deal; after approval, the IBA demanded precise details of the merger, and stated they were considering the repercussions of the deal to ultimately determine whether BSB contracts were null and void. On 17 November, the
IBA decided to terminate BSB's contract, but not immediately, as it was deemed unfair to 120,000 viewers who had bought BSB devices.
Sam Chisholm was appointed CEO in a bid to reorganise the new company, which continued to make losses of £10 million per week. The defunct BSB's HQ,
Marco Polo House, was sold, 39% of the new company's employees were made redundant to leave just under 1000 employees,
and many of the new senior BSkyB executive roles were given to Sky personnel. In April, the nine Sky/BSB channels were condensed into five, with EuroSport being dropped soon after the Sky Sports launch. Chisholm also renegotiated the merged company's expensive deals with the Hollywood studios, slashing the minimum guaranteed payments. The defunct ''
Marcopolo I'' satellite was sold in December 1993 to Sweden's ''
NSAB'', and ''
Marcopolo II'' went to Norway's ''
Telenor'' in July 1992 after the
Independent Television Commission was unable to find new companies to take over the BSB licences and compete with BSkyB. News International received 50%,
Pearson PLC 17.5%, Chargeurs 17.5%, Granada 12%, and Reed International 2% of the new shares in the company.
By September 1991, after losses had been reduced to $30M a week,
Rupert Murdoch
Keith Rupert Murdoch ( ; born 11 March 1931) is an Australian - American retired business magnate, investor, and media mogul. Through his company News Corp, he is the owner of hundreds of List of assets owned by News Corp, local, national, a ...
said "there were strong financial marketing and political reason
for making the compromise merger instead of letting BSB die. Many of the lessons had been learnt with more than half the running cost of the combined company". Further cuts in losses were a direct result of 313,000 new customers joining during the first half of 1991. By March 1992, BSkyB posted its first operating profits, of £100,000 per week, with £3.8 million weekly from subscriptions and £1 million from advertising, but continued to be burdened with £1.28 billion of debt. Stockbroker firm James Capel forecast BSkyB would still be indebted in 2000.
In the autumn of 1991, talks were held for the broadcast rights for
Premier League
The Premier League is a professional association football league in England and the highest level of the English football league system. Contested by 20 clubs, it operates on a system of promotion and relegation with the English Football Lea ...
for a five-year period, from the 1992 season. British television network
ITV were the current rights holders for the
Football League
The English Football League (EFL) is a league of professional association football, football clubs from England and Wales. Founded in 1888 as the Football League, it is the oldest football league in Association football around the world, the w ...
, and fought hard to gain the new rights. ITV had increased its offer from £18m to £34m per year to obtain the new rights. BSkyB joined forces with the
BBC
The British Broadcasting Corporation (BBC) is a British public service broadcaster headquartered at Broadcasting House in London, England. Originally established in 1922 as the British Broadcasting Company, it evolved into its current sta ...
to make a counter bid. The
BBC
The British Broadcasting Corporation (BBC) is a British public service broadcaster headquartered at Broadcasting House in London, England. Originally established in 1922 as the British Broadcasting Company, it evolved into its current sta ...
was given the highlights of most of the matches, while BSkyB paid £304m for the
Premier League
The Premier League is a professional association football league in England and the highest level of the English football league system. Contested by 20 clubs, it operates on a system of promotion and relegation with the English Football Lea ...
rights, giving them a monopoly of all live matches, up to 60 per year from the 1992–93 season. Murdoch has described sport as a "battering ram" for pay-television, providing a strong customer base. A few weeks after the deal, ITV went to the High court to get an injunction as it believed their details were leaked before the decision was taken. ITV also asked the Office of Fair Trading to also investigate since it believed Rupert Murdoch's media empire via the newspapers had influenced the deal. A few days later neither action took effect, ITV believed BSkyB was telephoned and informed of its £262m bid, and the
Premier League
The Premier League is a professional association football league in England and the highest level of the English football league system. Contested by 20 clubs, it operates on a system of promotion and relegation with the English Football Lea ...
advised BSkyB to increase its counter bid. BSkyB retained the rights paying £670m for the 1997–2001 deal, but was challenged by On Digital for the rights from 2001 to 2004, thus it was forced to pay £1.1 billion which gave it 66 live games a year. Following a lengthy legal battle with the European Commission, which deemed the exclusivity of the rights to be against the interests of competition and the consumer, BSkyB's monopoly came to an end from the
2007–08 season. In May 2006, the Irish broadcaster
Setanta Sports was awarded two of the six Premiership packages that the English FA offered to broadcasters. Sky picked up the remaining four for £1.3bn.
Becoming a public limited company
In October 1994, BSkyB announced its plans to float the company on the UK and US stock exchanges, selling off 20% of the company. The stock flotation reduced Murdoch's holding to 40 per cent and raised £900m, which allowed the company to cut its debt in half. Sam Chisholm said "By any standards this is an excellent result, in every area of the company has performed strongly". Chisholm became one of the world's most highly paid television executives.
In 1995, BSkyB opened its second customer management centre at
Dunfermline
Dunfermline (; , ) is a city, parish, and former royal burgh in Fife, Scotland, from the northern shore of the Firth of Forth. Dunfermline was the de facto capital of the Kingdom of Scotland between the 11th and 15th centuries.
The earliest ...
, Scotland, in addition to its original centre at
Livingston which opened in 1989. BSkyB entered the FTSE 100 index, operation profits increased to £155M a year, and Pearson sold off its 17.5% stake in the company.
Sam Chisholm resigned from BSkyB due to a rift with Rupert Murdoch in June 1997. A week later, Murdoch was quoted as saying "I cannot understand the fuss; BSkyB was grossly overpriced", which caused further rifts with the new management.
In 1997, BSkyB formed a partnership with
Carlton and Granada to bid for the right for the new digital terrestrial network. In June, it was awarded the right to start the service,
ONdigital, under the condition BSkyB withdrew from the group's bid. In February 2003 BSkyB wished to renegotiate its deal with MTV to reduce its payment from £20m. Chief executive Tony Ball said "We're definitely prepared to stare them down if we can't get a sensible deal. MTV, and other channels, have done particularly well out of the growth of Sky but the opportunity for savings is now there and Sky will be taking it," he added. "MTV has done extremely well out of that original deal." On 17 April 2003 BSkyB launched its own range of music channels
Scuzz,
Flaunt and
The Amp, as part of its plan to create its own original channels for the platform. Within 18 months the channels failed to make impact, and were outsourced to the
Chart Show Channels company.
Shortly afterwards it acquired
Artsworld
Sky Arts (originally launched as Artsworld) is a British free-to-air television channel offering 24 hours a day of programmes dedicated to highbrow arts, including theatrical performances, films, documentaries and music (such as opera perfor ...
, giving a majority of subscribers full access to the channel. The buyout was part of James Murdoch's strategy to improve the perceptions BSkyB which could lead to potential new subscribers. John Cassy, the channel manager of Artsworld, said: "It is great news for the arts that a dedicated cultural channel will be available to millions of households."
In early 2007 Freeview overtook Sky Digital with nearly 200,000 more subscribers at the end of 2006, while cable broadcaster Virgin Media had three million customers. In July 2007, BSkyB announced the takeover of
Amstrad
Amstrad plc was a British consumer electronics company, founded in 1968 by Alan Sugar. During the 1980s, the company was known for its Home computer, home computers beginning with the Amstrad CPC and later also the ZX Spectrum range after the ...
for £125m, a 23.7% premium on its market capitalisation.
BSkyB and
Virgin Media
Virgin Media Limited is a British telecommunications company which provides telephone, television and internet services in the United Kingdom. Its headquarters are at Green Park in Reading, England. It is owned by Virgin Media O2, a 50:50 ...
announced that they had reached agreement for the acquisition by BSkyB of Virgin Media Television. Virgin1 was also a part of the deal and was rebranded as
Channel One on 3 September 2010, as the Virgin name was not licensed to Sky. The new carriage deals are understood to be for up to nine years. The deal was completed in July 2010 and Virgin Media Television was renamed
Living TV Group.
In June 2010,
News Corporation made a bid for complete ownership of BSkyB. However, following the
News International phone hacking scandal, critics and politicians began to question the appropriateness of the proposed takeover. The resulting reaction forced News Corp. to withdraw its bid for the company in July 2011.
The scandal forced the resignation of
James Murdoch, who was the chairman of both BSkyB and News International, from his executive positions in the UK, with Nicholas Ferguson taking over as Chairman of BSkyB. In September 2012,
Ofcom
The Office of Communications, commonly known as Ofcom, is the government-approved regulatory and competition authority for the broadcasting, internet, telecommunications and mail, postal industries of the United Kingdom.
Ofcom has wide-rang ...
ruled that BSkyB was still fit to hold broadcast licenses in the UK, but criticised James Murdoch's handling of the scandal. On 28 June 2013, News Corporation was split into two publicly-traded companies; the company's publishing operations (including News International, renamed
News UK) and broadcasting operations in Australia were spun into a new company known as
News Corp
The second and current incarnation of News Corporation, doing business as News Corp, is an American mass media and publishing company headquartered at 1211 Avenue of the Americas in Midtown Manhattan, New York City. The company was formed on ...
, while the company's broadcast media assets, including its 39.14% stake in Sky, were renamed
21st Century Fox
Twenty-First Century Fox, Inc., which did business as 21st Century Fox, was an American multinational mass media and entertainment conglomerate based in Midtown Manhattan, New York City. It was formed on June 28, 2013, as the legal successor ...
.
European acquisitions
On 12 May 2014, BSkyB confirmed that it was in talks with its largest shareholder,
21st Century Fox
Twenty-First Century Fox, Inc., which did business as 21st Century Fox, was an American multinational mass media and entertainment conglomerate based in Midtown Manhattan, New York City. It was formed on June 28, 2013, as the legal successor ...
, about acquiring 21st Century Fox's 57.4% stake in
Sky Deutschland
Sky Deutschland GmbH, branded as Sky, is a German media company that operates a direct broadcast satellite Pay TV platform in Germany, Austria and Switzerland (through Sky Switzerland). It provides a collection of basic and premium digital su ...
and its 100% stake in
Sky Italia. The enlarged company (dubbed "Sky Europe" in the media) would consolidate 21st Century Fox's European digital TV assets into one company. The £4.9 billion takeover deal was formally announced on 25 July, where BSkyB would acquire 21st Century Fox's stakes in
Sky Deutschland
Sky Deutschland GmbH, branded as Sky, is a German media company that operates a direct broadcast satellite Pay TV platform in Germany, Austria and Switzerland (through Sky Switzerland). It provides a collection of basic and premium digital su ...
and Sky Italia. BSkyB also made a required takeover offer to Sky Deutschland's minority shareholders, resulting in BSkyB acquiring 89.71% of Sky Deutschland's share capital. The acquisitions were completed on 13 November.
Sky plc
British Sky Broadcasting Group plc changed its name to Sky plc to reflect the European acquisitions, and the United Kingdom operations were renamed
Sky UK Limited. Sky plc bought out the remaining minority shareholders in Sky Deutschland during 2015, using a
squeeze-out procedure to obtain the remaining shares and delist Sky Deutschland on 15 September 2015.
Competition around being acquired
On 9 December 2016, 21st Century Fox announced that it had made an offer to acquire the remainder of Sky plc for £11.7 billion at a value of £10.75 per-share. It marked Fox's second attempt to take over Sky, as its previous attempt under News Corporation was affected by the
News International scandal. The two companies reached an agreement on the deal on 15 December, subject to regulatory approval.
Ofcom
The Office of Communications, commonly known as Ofcom, is the government-approved regulatory and competition authority for the broadcasting, internet, telecommunications and mail, postal industries of the United Kingdom.
Ofcom has wide-rang ...
expressed concern that this purchase would give the Murdoch family "material influence over news providers with a significant presence across all key platforms" and "increased influence over the UK news agenda and the political process". However, the regulator did deem that a Fox-owned Sky would be "fit and proper" to hold broadcast licences, despite the recent sexual harassment controversies that had emerged at the US
Fox News Channel
The Fox News Channel (FNC), commonly known as Fox News, is an American multinational conservative news and political commentary television channel and website based in New York City, U.S. It is owned by Fox News Media, which itself is ow ...
, as there was no evidence to the contrary.
Avaaz opposed Ofcom's opinion, stating that the regulator "made mistake after mistake in deciding to give the Murdochs a clean bill of health to take over more of our media".
The Walt Disney Company
The Walt Disney Company, commonly referred to as simply Disney, is an American multinational mass media and entertainment conglomerate headquartered at the Walt Disney Studios complex in Burbank, California. Disney was founded on October 16 ...
announced on 14 December 2017 that it would
acquire 21st Century Fox, including its stake in Sky plc but barring specific US assets. Fox stated that this purchase would "not alter
tsfull commitment and obligation to conclude our proposed transaction". Analysts suggested that Disney's proposed transaction could ease regulatory concerns over Fox's purchase of Sky, as the company will eventually lose its ties to the Murdoch family. Disney has a narrower scope of media ownership in the country than the Murdoch family. Sky already has a relationship with Disney for its
Sky Cinema service, holding pay television rights to its films in the United Kingdom and operating a dedicated Sky Cinema channel devoted to Disney content.
A preliminary report by the
Competition and Markets Authority
The Competition and Markets Authority (CMA) is the principal competition regulator in the United Kingdom. It is a non-ministerial government department in the United Kingdom, responsible for promoting competitive markets and tackling unfair beh ...
issued January 2018 called for the insulation or outright divestment of
Sky News
Sky News is a British free-to-air television news channel, live stream news network and news organisation. Sky News is distributed via an English-language radio news service, and through online channels. It is owned by Sky Group, a division of ...
as a condition of the purchase, so that it is editorially independent from the Murdoch family. Sky had threatened to reevaluate the channel's continued operations if they "unduly impeded merger and/or other corporate opportunities available in relation to Sky's broader business". The channel has operated on a loss of at least £40 million per-year. In February 2018, Fox proposed the establishment of an independent editorial board, and committing to fund the network for at least 10 years. This commitment would be inherited by Disney after the completion of its purchase of 21st Century Fox. On 3 April 2018, Fox stated that Disney had "expressed an interest in acquiring Sky News", which would not be conditional on its proposal to acquire 21st Century Fox.
A
bidding war began 25 April 2018, when the competing US media and telecoms conglomerate
Comcast
Comcast Corporation, formerly known as Comcast Holdings,Before the AT&T Broadband, AT&T merger in 2001, the parent company was Comcast Holdings Corporation. Comcast Holdings Corporation now refers to a subsidiary of Comcast Corporation, not th ...
(owner of
NBCUniversal
NBCUniversal Media, LLC (abbreviated as NBCU and Trade name, doing business as NBCUniversal or Comcast NBCUniversal since 2013) is an American Multinational corporation, multinational mass media and Show business, entertainment conglomerate (comp ...
), announced a counter-offer for Sky at £12.50 per-share, or approximately £22.1 billion. NBCUniversal CEO
Steve Burke stated that purchasing Sky would roughly double its presence in English-speaking markets, and allow for synergies between the respective networks and studios of NBCUniversal and Sky.
On 5 June 2018,
Culture Secretary Matt Hancock cleared both 21st Century Fox and Comcast's respective offers to acquire Sky plc. Fox's offer was contingent on the divestiture of Sky News. On 12 June 2018, Comcast announced a US$65 billion counter-offer to acquire the 21st Century Fox assets that Disney had offered to purchase. However, Fox subsequently agreed to an increased, US$71.3 billion offer from Disney instead. On 15 June 2018, the European Commission gave antitrust clearance to Comcast's offer to purchase Sky, citing that in terms of their current assets in Europe, there would be limited impact on competition. Comcast included a 10-year commitment to the operations and funding of Sky News similar to that of Disney's offer. On 19 June 2018, Disney formally agreed to acquire Sky News as part of Fox's proposed bid, with a 15-year commitment to increase its annual funding from £90 million to £100 million.
On 11 July 2018, Fox increased its bid for Sky to £14.00 per share, valuing it at £24.5 billion. Comcast subsequently counterbid just hours later with an offer at £14.75 per-share, valued at £26 billion. On 19 July 2018, after Fox agreed to a Disney counter-offer, it was reported that Comcast had abandoned its bid for 21st Century Fox to focus solely on Sky.
On 20 September 2018, the
Panel on Takeovers and Mergers ordered that a blind auction be held "in order to provide an orderly framework for the resolution of this competitive situation". In this process, Fox, followed by Comcast, made new cash-only bids for Sky. After these first two rounds of bidding, there would be a third round where both companies could make new offers. However, the third round of bidding would only be binding if both companies make a bid. The results were to be revealed on 22 September, and be confirmed by the start of trading on 24 September. Comcast won the auction with a bid of £17.28 per-share, beating Fox's bid of £15.67. Sky plc had until 11 October to formally accept this offer.
Following its auction victory, Comcast began to acquire Sky shares from the open market. On 26 September 2018, Fox subsequently announced its intent to sell all of its shares in Sky plc to Comcast for £12 billion.
On 4 October 2018, Fox completed the sale of their shares, giving Comcast a 76.8% controlling stake at the time.
Sky Group Ltd
On 12 October 2018, Comcast announced it would compulsorily acquire the rest of Sky after its bid gained acceptances from 95.3% of the broadcaster's shareholders with the company being delisted by 31 December 2018. Sky was delisted on 7 November 2018 after Comcast acquired all remaining shares.
In August 2021, Sky Group signed a deal with
ViacomCBS to launch
Paramount+
Paramount+ (formerly known as CBS All Access in the United States and 10 All Access in Australia) is an American Video on demand#Subscription models, subscription video on-demand Over-the-top media service, over-the-top Streaming media, stream ...
in the United Kingdom, Ireland, Italy, Germany, Switzerland and Austria by 2022.
On 3 May 2022, it was announced that
Paramount+
Paramount+ (formerly known as CBS All Access in the United States and 10 All Access in Australia) is an American Video on demand#Subscription models, subscription video on-demand Over-the-top media service, over-the-top Streaming media, stream ...
will launch on 22 June 2022 for Sky customers in Ireland and the United Kingdom.
Management
* ''Executive Chairman:''
Jeremy Darroch (since January 2021)
* ''Chief Executive:''
Dana Strong (since January 2021)
List of former chairmen
#
Rupert Murdoch
Keith Rupert Murdoch ( ; born 11 March 1931) is an Australian - American retired business magnate, investor, and media mogul. Through his company News Corp, he is the owner of hundreds of List of assets owned by News Corp, local, national, a ...
(1990–2007)
#
James Murdoch (2007–2012)
#
Nicholas Ferguson (2012–2016)
#
James Murdoch (2016–2018); second term
List of former chief executives
#
Sam Chisholm (1990–1997)
# Mark Booth (1997–1999)
#
Tony Ball (1999–2003)
#
James Murdoch (2003–2007)
#
Jeremy Darroch (2007–2021)
#
Dana Strong (2021–Present)
The first CEO of BSkyB was
Sam Chisholm, who was CEO of Sky TV before the merger. Chisholm served in this position until 1997. He was followed by Mark Booth who was credited with leading the company through the introduction of Sky.
Tony Ball was appointed in 1999 and completed the company's analogue to digital conversion. He is also credited with returning the company to profit and bringing subscriber numbers to new heights. In 2003, Ball announced his resignation and
James Murdoch, son of Rupert Murdoch was announced as his successor. This appointment caused allegations of
nepotism
Nepotism is the act of granting an In-group favoritism, advantage, privilege, or position to Kinship, relatives in an occupation or field. These fields can include business, politics, academia, entertainment, sports, religion or health care. In ...
from shareholders.
On 7 December 2007, it was announced that
Rupert Murdoch
Keith Rupert Murdoch ( ; born 11 March 1931) is an Australian - American retired business magnate, investor, and media mogul. Through his company News Corp, he is the owner of hundreds of List of assets owned by News Corp, local, national, a ...
would be stepping down as BSkyB's non-executive chairman and would be replaced by his son,
James. In turn, James stepped down as CEO of BSkyB, to be replaced by
Jeremy Darroch. It was estimated that Darroch would earn around £38.2 million from selling Sky to Comcast. He sold his 775,772 shares in Sky worth £13.4 million and would cash in on previously awarded bonus shares.
In January 2021, it was announced that Darroch would be standing down as CEO, and will become executive chairman of Sky for the remainder of 2021, and will then be an advisor to the company.
He was succeeded as CEO by
Dana Strong in January 2021.
The current company directors are Comcast personnel:
Michael J Cavanagh (Comcast senior VP & CFO), Arthur R Block (legal counsel) and David L Cohen (senior VP & CDO).
Financial performance
Financial results have been as shown in the table.
In February 2019, ''The Economist'' magazine claimed that Sky enjoys gross margins of 50%.
Current operations
Subsidiaries
Ventures
Sky services per country
Former operations
Subsidiaries
Ventures
Stake in ITV
ITV plc
ITV plc is a British media company that holds 13 of the 15 regional television licences that make up the ITV (TV network), ITV network (Channel 3), the oldest and largest commercial terrestrial television network in the United Kingdom.
ITV plc ...
has been the subject of a flurry of rumoured take-over and merger bids since it was formed. For example, on 9 November 2006,
NTL announced that it had approached ITV plc about a proposed merger. The merger was effectively blocked by BSkyB on 17 November 2006 when it controversially bought a 17.9% stake in ITV plc for £940 million, a move that attracted anger from NTL shareholder
Richard Branson
Sir Richard Charles Nicholas Branson (born 18 July 1950) is an English business magnate who co-founded the Virgin Group in 1970, and controlled 5 companies remaining of once more than 400.
Branson expressed his desire to become an entrepreneu ...
and an investigation from media and telecoms regulator
Ofcom
The Office of Communications, commonly known as Ofcom, is the government-approved regulatory and competition authority for the broadcasting, internet, telecommunications and mail, postal industries of the United Kingdom.
Ofcom has wide-rang ...
. On 6 December 2006, NTL announced that it had complained to the
Office of Fair Trading about BSkyB's move. NTL stated that it had withdrawn its attempt to buy ITV plc, citing that it did not believe that there was any possibility to make a deal on favourable terms. On 17 July 2014, BSkyB's 6.4% stake in ITV was sold to
Liberty Global, valued at £481 million.
References
External links
*
*
{{Authority control
British companies established in 1990
Mass media companies established in 1990
Direct broadcast satellite services
Comcast subsidiaries
Television networks in the United Kingdom
British brands
2018 mergers and acquisitions
Companies formerly listed on the London Stock Exchange
Companies formerly listed on the New York Stock Exchange
1994 initial public offerings
British subsidiaries of foreign companies
Pan-European media companies
1990 mergers and acquisitions